Charting out a gold reversal, upcoming re-entry points
I've been holding onto gold far too long in this downward trend (the last time we appeared to be breaking out of the channel). I've been scaling back on this downward trend line. Gold and Silver have to reverse at some point right? Not so far they haven't. There is a lot of chatter about a 'long overdue' reversal in gold and continuation up, but at what point?
IAU is a gold ETF that holds physical gold in a London vault (no paper contracts). It tracks along with SVR but without the drama.
This was a good opportunity to look back at the trend lines and try to determine where to enter. We are coming up on a number of support areas but the most likely one that we can reach if we re-touch the downward trend line is around 15.80 or so. We could reverse at this point but so far no confirmation.
I'll be applying the 'confirmation and resumption' before re-entering.
IAU is a gold ETF that holds physical gold in a London vault (no paper contracts). It tracks along with SVR but without the drama.
This was a good opportunity to look back at the trend lines and try to determine where to enter. We are coming up on a number of support areas but the most likely one that we can reach if we re-touch the downward trend line is around 15.80 or so. We could reverse at this point but so far no confirmation.
I'll be applying the 'confirmation and resumption' before re-entering.